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Author Topic: Should they cap transaction costs?  (Read 190 times)
thirdprize
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July 18, 2017, 02:16:02 PM
 #1

Read a few stories recently of companies leaving Btc and going where the transactions are cheaper.  $2.5 may be ok if you are moving a couple of hundred (or thousand) dollars but if you are buying something for $20 then how quickly would a 20 cent transaction be sorted? 

Surely if we don't want greedy bankers taking over and Btc becoming the sole domain of dealers and gangsters, we should cap fees at 50 cents or something.  Then all transactions would be treated equally.  Hashing power would be spread over all transactions, not just the rich ones thereby eliminating delays.

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July 18, 2017, 02:21:00 PM
 #2

first let me tell you that fees are not $2.5, in the past 8 years they were only that much for about 3 months.

it is impossible to do what you propose, it opens up ways for easier attacks. block size is limited and it should be limited (to whatever number) and in case fees were capped at some very small number, it makes spam attacking bitcoin super cheap hence easy.
the limited block space will be filled with cheap spam.

with the way fees are now, an attacker needs to spend a lot of money to spam attack because fees keep rising as the attack continues happening. so it has to come to an end eventually.

you proposal may work for an altcoin and it will because the usage of an altcoin is very limited and small, and there is no incentive for spam attacking any of them.

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July 18, 2017, 02:27:02 PM
 #3

it is impossible to do what you propose, it opens up ways for easier attacks. block size is limited and it should be limited (to whatever number) and in case fees were capped at some very small number, it makes spam attacking bitcoin super cheap hence easy.

Good point.
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July 18, 2017, 03:03:53 PM
 #4

Well in a way I would want to agree with you, but for another reason. People should not be able to send 1 or 10 or 30 BTC miners fees by

mistake
, if I had any control over that. Yes, you are free to determine your own fees, but then you should be warned that it is much higher

than the recommended average. We recently saw Coinbase paying 100 times more than the suggested fees and that is simply stupid. { Again,

this seems to be on their internal system, but a warning should have been built into the protocol to prevent that }  Roll Eyes

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thirdprize
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January 23, 2018, 10:33:45 PM
 #5

I have had a small payment  sitting out there for over a month now.  It’s not going to be confirmed and presumably neither is someone else’s payment  in the same transaction.  That can’t be right or good for BTC.
thirdprize
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February 01, 2018, 05:24:36 PM
 #6

first let me tell you that fees are not $2.5, in the past 8 years they were only that much for about 3 months.

it is impossible to do what you propose, it opens up ways for easier attacks. block size is limited and it should be limited (to whatever number) and in case fees were capped at some very small number, it makes spam attacking bitcoin super cheap hence easy.
the limited block space will be filled with cheap spam.

with the way fees are now, an attacker needs to spend a lot of money to spam attack because fees keep rising as the attack continues happening. so it has to come to an end eventually.

you proposal may work for an altcoin and it will because the usage of an altcoin is very limited and small, and there is no incentive for spam attacking any of them.

As was seen over xmas, fees should be capped fairly low just to stop it getting silly.  If all fees were the same then there would be no reason for miners to process some TXNs and not others.  Also we don't want BTC becoming the new $100 bill.  If we REALLY wanted it to take off then you should be able to buy a $2 coffee with it and not have to wait weeks for the confirmations. 
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